Republican House Leaders Voice Serious Concerns Over Fiscal Bill

The fate of the fiscal crisis bill continued to be in doubt Tuesday afternoon as House Republicans leaders joined their rank-and-file in decrying the lack of spending cuts- further clouding the chances for smooth passage with less than two days left before a new Congressional class is sworn in.

Democratic House leaders said Tuesday the time for talk was over and pushed their Republican counterparts for an up or down vote on the legislation passed by the U.S. Senate Tuesday morning. But even as House Minority Leader Nancy Pelosi, R-Calif., called for a compromise, word came that the No. 2 House Republican, Eric Cantor, opposed the bill.

“I do not support it,” Cantor told reporters after a closed-door meeting with fellow Republicans.

Rep. Steve LaTourette, R-Ohio, said sentiment among House Republicans was to amend the bill to incorporate more spending cuts. Rep. Spencer Bachus, R-Ala., echoed the statement.

"I'd be shocked if this does not go back to the Senate" with changes by the House, Bachus said.

But time for the House -- and for Americans -- is running out.

Realistically, rejection by the Republican-controlled House means that fiscal talks about have to start all over again when the new Congressional class is seated on Thursday. And that means, Americans will be left paying for the pricey political stalemate. Taxes would jump by $2,400 on average for families with incomes of $50,000 to $75,000, according to a study by the nonpartisan Tax Policy Center. And because consumers would get less of their paychecks to spend, businesses and jobs would suffer as well.